As the number of hacks, data breaches, system compromises, ransomware, and cyber attacks increase and show no indication of stopping, the insurance industry is striving to keep pace by offering products that will meet the demand for cyber insurance.
Martin Hartley, COO of PURE Group of Insurance Companies, predicts that with the increase of fraud, cyber extortion and ransomware attacks, cyber insurance will become a much more standard part of homeowners’ insurance policies in the coming years. That’s why PURE introduced PURE StarlingTM Fraud and Cyber Fraud Coverage.
According to Hartley, the greatest financial risk for consumers is that cyber criminals steal money from the individual’s bank, investment or retirement accounts—and that loss is not compensated by the institution. His advice to consumers is to step back and do a holistic assessment of their lives in order to create a comprehensive risk profile.
"The number of connected devices your family has, the number of bank accounts that could become compromised, the presence of children, how many third-parties (asset managers, assistants, attorneys, etc.) help to manage your homes or financial accounts are all things that should be considered when assessing vulnerability. Then you can make an informed choice about what offerings are appropriate for your particular risk profile."
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